Foundation for Credit Counselling : StepChange Debt Charity responds to the Bank of England’s Money and Credit statistics

4 January, 2015

In response to November's Money and Credit figures from the Bank of England, Peter Tutton, Head of Policy at StepChange Debt Charity, said:

'These figures show another substantial rise in consumer credit. Part of this rise this could be due to people shopping online or using credit to spread the cost of Christmas, but if credit balances continue to increase at this rate into the New Year then concerns about a new and possibly unsustainable credit boom will grow.

'With many households becoming more vulnerable to income shocks, this could result in a whole new group of people struggling with debt.

'We must not see a return to pre-recession levels of unmanageable debt and it is vital that creditors are lending responsibly to help prevent this. We also urge the Government to ensure the right help is available for anyone who falls into financial difficulty.'

Notes to editors:

1. Statistics from Bank of England Money and Credit statistics, available here: http://www.bankofengland.co.uk/statistics/documents/mc/2015/Nov/moneyandcredit.pdf